Xpeng (XPEV) is on the move. All after Volkswagen announced it will invest $ 700 million in the company to develop EVs together.
“The Volkswagen Group and XPeng each bring in highly complementary strengths into this long-term strategic partnership,” said XPeng CEO Xianpeng He. “Since the founding of XPeng, we have been developing full-stack technologies from EV platform to connectivity and [self-driving] software in-house. We are excited about the opportunity to contribute our expertise to the strategic partnership and create value for XPeng and our shareholders.”
On the news, XPEV is up 27% on a massive volume spike to 126.2 million shares, as compared to daily average volume of 15.2 million. Today’s move refills the stock’s bearish gap around August 2022. From current prices, we’d like to see XPEV now test prior resistance around $35, which XPEV briefly tested in June 2022.
